The ACA provides $3 million in grants annually to the most qualified, innovative tech startups. Each company receives up to $150,000 in capital to grow their business — advancing innovation and technology commercialization opportunities in Arizona. The funding for each awardee will be released in phases, according to milestones that are defined by participation in the Venture Ready mentorship program.

“The ACA has been running the Arizona Innovation Challenge since 2011, and seeing our state’s startup ecosystem develop during that time period has been exciting,” said Sandra Watson, Arizona Commerce Authority President & CEO. “Arizona is recognized as a top location for entrepreneurship, and companies like these demonstrate why. Congratulations to all ten Fall 2018 awardees — the ACA looks forward to supporting your continued growth and success!”

All awardees will participate in Venture Ready, the ACA’s mentor program that connects early-stage companies with high-level CEOs to further refine business plans and investor pitches. In order for the awardees to receive all of their grant funding, they will be required to successfully graduate from Venture Ready within 12 months.

A total of 104 applications were received for the Fall 2018 round. The judges assessed each application against rigorous criteria including technology potential, marketing strategy and quality of the company’s management team. The ten awardees were selected from 20 finalists announced earlier this month.

Companies located anywhere in the world may apply, as long as they plan to establish operations and commercialize their product or service in Arizona if they are awarded an AIC grant.

The ACA will begin the next round of AIC competition in the spring of 2019.

The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create - attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visitazcommerce.comand follow the ACA on Twitter at@azcommerce.